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ACC221Exam02StudyGuidesp08 - • Cost-Volume-Profit graphs...

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ACC221 Exam 2 Study Guide. Exam 2 is closed book and closed notes and will consist of 30 multiple choice questions (worth 3 points each) and 1 problem (worth 10 points). Please bring a calculator. No cell phone calculators are allowed. You should be familiar with the following topics Calculation of equivalent units using the weighted-average method. Journal entries in a process costing system. Calculation of costs per equivalent units using the weighted-average method. Production report using the weighted-average method. How fixed, variable and mixed costs behave. Committed vs. discretionary fixed costs. High-low method of estimating mixed costs. Least Squares method of estimating mixed costs Traditional vs. Contribution Margin income statements.
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Unformatted text preview: • Cost-Volume-Profit graphs • Calculation of contribution margin in dollars • Calculation of contribution margin per unit and contribution margin percentage or ratio. • Degree of operating leverage • Impact on net income of changes in variable costs, fixed cost and sales volume • Calculation of selling price • Calculation of break-even point • Variable costing vs. absorption costing income statements • Calculation of unit costs under both variable costing and absorption costing. • Calculation of net income under both variable costing and absorption costing. • Benefits of variable costing vs. absorption costing • Break-even analysis, • Target profit...
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